Kerr-McGee Reports 2Q Results

Tuesday, October 02, 2001
Kerr-McGee Corp. reported second-quarter 2001 net income of $175 million ($1.71 per diluted share). This compares with income before special items of $217 million ($2.13 per share) and net income of $110 million ($1.11 per share) in the same prior-year quarter. The 2000 quarter included $107 million ($1.02 per share) in special charges. No special charges were recorded in the 2001 quarter. "Kerr-McGee continued to generate strong earnings and cash flow per share during the second quarter while taking steps to further strengthen and balance its portfolio of assets," said Luke R. Corbett, Kerr-McGee chairman and chief executive officer. "We have supplemented our drilling success with the announced agreement to acquire HS Resources, a core U.S. onshore gas asset. Offshore, development of four new fields is on schedule to dramatically increase production volumes beginning in the fourth quarter of this year, and we have enhanced our prospect portfolio through additional lease acquisitions in proven, high-potential trends around the world." Total second-quarter operating profit was $340 million, compared with operating profit of $372 million excluding special charges, for the 2000 period. Exploration and production operating profit was $311 million, down from $325 million in the prior-year quarter. The decline was primarily due to lower oil and gas volumes and a decrease in average oil prices of $1.43 per barrel, which was not entirely offset by an increase in average gas prices of 94 cents per thousand cubic feet. Daily oil production for the second quarter averaged 191,000 barrels, compared with 206,700 barrels in the 2000 period. The average oil price for the quarter declined to $24.90 per barrel, compared with $26.33 in the prior- year quarter. Daily natural gas sales averaged 523 million cubic feet for the 2001 second quarter, compared with 543 million cubic feet for the 2000 period. Average natural gas prices increased to $4.36 per thousand cubic feet, a 27% increase from a year earlier.
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